The Tribunal ruled that unverified KOT data and handwritten loose sheets are insufficient to establish unaccounted sales. Additions based on assumptions and unsupported survey statements were deleted.
The court held that a retracted statement by a trustee alleging capitation fee collection cannot justify tax additions without corroborative evidence. In the absence of proof from students or supporting documents, the Revenue’s presumption was held unsustainable.
ITAT Mumbai held that marketing and advertisement expenses incurred to promote products on an online retail platform are revenue in nature since they relate to expansion of an existing business.
The Tribunal ruled that both conditions for Section 263 revision must exist simultaneously. Since no exempt income was earned, the assessment order was neither erroneous nor prejudicial.
ITAT Chennai held that assessee is needs to establish the expenditure which is unreasonably high. Thus, additional evidence filed for expense pertaining to ‘shortage and quality cuts’ needs complete verification. Accordingly, matter remanded back to AO.
ITAT Ahmedabad held that upward adjustment on account of notional interest on outstanding receivables rightly deleted since TNMM has been applied and working capital adjustment has been given while benchmarking the main international transaction.
The Tribunal held that immunity under Section 270AA cannot be denied due to technical issues in filing Form 68. The penalty under Section 270A was set aside and the matter was remanded for reconsideration.
The Tribunal ruled that collection of fees by an educational trust does not negate its charitable character. Where donations and fees are separately accounted, denial of 80G approval is unjustified.
The Tribunal ruled that denying the entire construction cost while computing capital gains is unjustified. The Assessing Officer must verify the valuation report and determine a reasonable cost of construction.
The Tribunal ruled that reassessment proceedings initiated against a dead person are void in law. A valid notice must be issued to the legal heirs under Section 159 before initiating reassessment.
